Tourbillon Capital Partners tells investors on Monday that it's closing, at least the third hedge fund to announce that it's shutting down this month, the Wall Street Journal reports.
The company's flagship fund declined 3.2% this year through Sept. 28, and had been underperforming for several years, according to the WSJ.
The firm plans to return more than $1B to clients by year-end, founder Jason Karp told clients in a letter.
With the end of the year approaching, hedge funds are starting to get redemption notices from some clients and may be re-evaluating future plans. For the first three quarters of the year, stock hedge funds averaged a 1.9% return, according to research firm HFR.
Last week Criterion Capital and HIghfields Capital announced they're closing their doors.
Previously: BNY Mellon Investment Management to close EACM Advisors (Sept. 24)
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